Al Hassan Ghazi Ibrahim Shaker Company (Shaker) reduced its annual losses by 74% to reach 49.79 million riyals at the end of 2019, compared to 196.54 million riyals in 2018 .
According to ArabiaNet, the company said in a statement that the reason for the decrease in net loss is due to the increase in revenues in 2019 to record 882.8 million riyals, an increase of 14.1%, or 109 million Saudi riyals, compared to 2018 revenues of 774 million Saudi riyals.
She pointed to a decrease in operating expenses and other expenses by 20%, which is partly due to a decrease in personnel related expenses, as well as the success of the program to improve operational efficiency across all business sectors.
The profit share of the subsidiary companies amounted to 17 million Saudi riyals, compared to these companies recording losses of 7.2 million Saudi riyals in the previous year.
